This archive report was first published on 8 July 2021.
On July 8, 2021, the Suez Canal Authority (SCA) announced that a formal settlement had been reached with the owners and insurers of the Ever Given container ship, which had blocked the Suez Canal in March.
The Ever Given, one of the world's largest container ships, had become wedged across a southern section of the waterway for nearly a week, disrupting global trade. The ship was finally dislodged on March 29, but its crew and the ship itself were held in a lake between two stretches of the waterway amid a dispute over compensation.
According to Faz Peermohamed of Stann Marine, which represents the owner Shoei Kisen and its insurers, preparations for the release of the vessel will be made, and an event marking the agreement will be held at the Authority's headquarters in Ismailia in due course.
Osama Rabie, the SCA chairman, said that the canal will receive a tug boat with a pulling capacity of about 75 tonnes as part of the settlement. He also stated that the canal earned revenue of $3 billion in the first six months of 2021, up 8.8 per cent compared with the same period last year, despite the Ever Given accident.
